Farmers need loans for various purposes like buying new land or purchasing/modernizing farm machinery, building grain storage sheds, constructing irrigation channels or any other farm activity. In India, there are many government as well as private banks that offer agriculture loans to the farmers. One such lender is Ujjivan Small Finance Bank Limited.
Ujjivan Small Finance Bank Ltd. is a mass-market focused bank that caters to financially unserved & underserved segments and is also committed to building financial inclusion in India. The bank offers Agri Group Loans, Kisan Suvidha Loan and Kisan Pragati Card to the farmers. But in this article, we will focus on Kisan Suvidha Loan.
What is Kisan Suvidha Loan?
Kisan Suvidha Loan is basically purpose -based loans that are given to farmers for a range of agricultural & allied activities. It provides flexible repayment options as per the activity cash flow. It covers the following activities;
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Dairy
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Sericulture
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Poly Nursery
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Betel vine
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Fishery
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Sheep Rearing
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Poultry
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Floriculture
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Apiculture
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Arecanut Farm Maintenance
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Farm Implements Purchase
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Vegetable Farm Maintenance
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Coconut Farm Maintenance
Features/Benefits of Kisan Suvidha Loan
Loan Amount - Rs. 60,000 to Rs. 2, 00,000
Loan Tenure - 24 months
Rate of Interest - 23.25 percent per annum on a reducing balance method (governed by the MCLR based pricing policy of the bank).
Processing Fee – 1 percent of loan amount (excluding applicable GST).
Credit Bureau Charges - Rs. 20 (including applicable GST).
Stamp duty - As per state act.
How to apply for Kisan Suvidha Loan
In order to apply or avail Kisan Suvidha Loan, farmers will have to visit the official website - www.ujjivansfb.in/ or they can visit the nearest branch. Then fill in the application form and submit it with required documents (like aadhaar card, address proof, photo etc.) to the concerned bank official.
